Free Secured Promissory Note Template Word

It is secured in that it is backed by collateral which may be sold or confiscated in the event of a default.

Free secured promissory note template word. The similarity is through the details parties involved fill. A secured promissory note is a document that allows a lender to lend money with the added insurance of having assets property to be handed over to them in the chance the borrower defaults. Promissory note template 20 free for word pdf share this. Broadly speaking there are two types of promissory notes. It is similar to a secured promissory note however it is a note secured through something of value.

A secured promissory note is a document used so that a party borrowing money known as the borrower agrees to repay a party lending money known as the lender the word secured means that the loan is backed by an asset put up as collateral. Secured promissory note templates 9 free word excel pdf format download you need to think about three things before borrowing money. Agreement template for secured. Both types are elaborated below. These include names and signatures date state amount of.

There are 2 types of promissory notes secured and unsecured. Secure if the note shall be secured check the box and enter a description of the property that shall be. This is a type of promissory note that is backed by a valuable property or a security such as a house car etc. The amount to borrow the terms of the lender and repayment intervals. I have used my favorite slight black background reversed text in first template to make it distinctive in printing.

Please let me know how you see my effort in putting up this word template here obviously through comments. If the loan cannot be repaid the collateral is forfeited to the lender. Secured promissory note in word. These useful templates are available in ms word as well as pdf files and are free to download for your use. Free secured promissory note templates.

Free promissory note templates. Free promissory note template adobe pdf microsoft word. A promissory note or promise to pay is a note that details money borrowed from a lender and the repayment structure the document holds the borrower accountable for paying back the money plus interest if any. A secured promissory note is a kind of a document that is signed and intended to acknowledge that some money is owed and is to be paid in future. Secured promissory notes and unsecured promissory notes.

A promissory note is an agreement to borrow money from someone else stating specific time periods for being paid back along with an interest rate. Unsecured promissory note offers no guarantee for the lender to recoup the loaned money.